Fuel prices drop 5% in New Zealand

Fuel prices have decreased by 5 percent recently. This comes as a relief to consumers, especially after earlier predictions suggested prices could exceed $3 per litre. The average cost for 91 petrol is now $2.62, which is 14 cents lower than last month. Diesel prices have also dropped, currently averaging $1.92, down from over $2 a month ago. Mike Newton, a spokesperson for Gaspy, noted that the price decline has been ongoing since January 23. Several factors have contributed to this drop. International oil prices have fallen, and the New Zealand dollar has strengthened against the US dollar. Economic uncertainty worldwide has led to a decrease in demand for oil. However, several geopolitical issues, such as the conflict in Gaza and the war in Ukraine, could change the situation quickly. The impact of these events is still uncertain.